$150 Million Bitcoin Controversy Crashes a Nasdaq Stock

Shares of Nasdaq-listed Datavault AI crashed nearly 50% on Tuesday after a $150 million Bitcoin deal turned into a major accounting controversy. The company revealed that millions of dollars in Bitcoin were stuck on a crypto exchange, while four of its financial reports could no longer be trusted. Datavault stock price plunged, with roughly 244 million shares changing hands. The stock now trades about 88% below the price a major investor agreed to pay last year. How a $150 Million Bitcoin Deal Went Wrong The controversy began in September 2025, when painkiller maker Scilex Holding agreed to purchase $150 million in Datavault shares and warrants using Bitcoin. Just two days earlier, Scilex had agreed to exchange $200 million worth of shares in its Semnur Pharmaceuticals subsidiary for Bitcoin.

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